Monday Morning Musings
The markets are mixed in early trading, with energy stocks moving higher and drug stocks moving lower.
Treasury Secretary Paulson is speaking about a plan to increase the Fed's power. I am always leery of giving the govt. more power, but considering the housing mess that they sat by and watched, maybe this wouldn't be such a bad thing.
Drug stocks are under pressure after a panel questioned the effectiveness of cholesterol-lowering drugs. The stocks getting hit the hardest are Merck (MRK) and Schering Plough (SGP).
Today is the last day of the quarter, and so far, the S&P 500 is down -10.2% ytd, while the Nasdaq 100 is off more than -15%. Nasty.
Asian markets were mostly lower overnight; oil is up by roughly $1, around $106.70; and bond yields are lower, with the 10-year yield down to 3.41%.
The big economic report this week will be the March jobs report. Estimates are for a decline of -70k jobs. During the last recession, this figure ran above -200k, fwiw.
Now can we please get some quarter-end buying?